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Office of Management and Enterprise Services (OMES) - May Revenue Collections Indicate Big Rainy Day Deposit Likely
file:///Y|/News_Letters/Newsletters/Revenue%20Collections%20OEMS/2011-05%20May_Revenue_Collections_Indicate_Big_Rainy_Day_Deposit_Likely.html[9/21/2012 10:06:48 AM]
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Home / News / May Revenue Collections Indicate Big Rainy Day Deposit Likely
News Release
PRESTON L. DOERFLINGER
Secretary of Finance and Revenue
OSF Director
MARY FALLIN
Governor
June 13, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
MAY REVENUE COLLECTIONS INDICATE BIG RAINY DAY DEPOSIT LIKELY
OKLAHOMA CITY — The depleted state Rainy Day Fund will be replenished with a deposit much higher than projected, based
on the pace of revenue collections as the 2011 fiscal year winds down, Office of State Finance Director Preston Doerflinger
announced Monday.
"General Revenue Fund collections for May show the state economy is still surging, dwarfing the national unemployment rate
and bringing in revenue well above the official estimate," Doerflinger said as he released the OSF’s monthly General Revenue
Fund report.
"We won’t know the figure until next month, but it's certain the Rainy Day Fund deposit will be substantially higher than the
$71.1 million forecast at the February meeting of the Board of Equalization," he said. "It could easily double that amount."
The fiscal year ends June 30 and the Rainy Day Fund deposit will be made in July. The state's savings account now contains
only $2.03 after having a record $596.6 million before the recession set in and the state experienced huge budget shortfalls.
A constitutional amendment adopted by voters in 2010 raised from 10 percent to 15 percent the cap on the amount of money
that can be in the Rainy Day Fund, based on the General Revenue Fund certification from the preceding fiscal year.
Gov. Mary Fallin hailed the latest revenue figures and the prospects for a hefty deposit into the Rainy Day Fund.
"A commitment to fiscal responsibility and pro-growth policies continues to help our economy recover and expand," Fallin said.
"It’s encouraging news that May revenues will be high enough for us to make a significant deposit into the Rainy Day Fund.
"However, more work needs to be done to create the very best business environment to foster creation of even more jobs and
investment in Oklahoma."
Led by strong income and sales tax figures, state revenue collections for the first 11 months of the fiscal year are outpacing
receipts of a year ago by almost 10 percent, according to the OSF report.
Total receipts for May were $414.7 million, which is $36 million or 9.5 percent more than was collected in May of 2010, and
$25.4 million or 6.5 percent more than the official estimate.
For the fiscal year to date, total GRF collections are $4.532 billion. That is $409.1 million or 9.9 percent above the prior year
and 3.5 percent higher than the estimate upon which the 2011 fiscal year budget was based.
"Income taxes were especially strong in last month, reflecting a decline in the state's unemployment rate in April to 5.6
percent, compared with the national rate of 9 percent," said Doerflinger, finance secretary in Gov. Mary Fallin's cabinet.
"It's evident that Oklahoma companies have stepped up hiring for months and this is helping our receipts in all areas," he said.
Oklahoma's coffers continue to get a bonus from strong oil prices, even though the OSF report for May shows total oil receipts
were down from a year ago. That’s because $21.4 million in surplus oil revenue was diverted by the Legislature this year to
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Office of Management and Enterprise Services (OMES) - May Revenue Collections Indicate Big Rainy Day Deposit Likely
file:///Y|/News_Letters/Newsletters/Revenue%20Collections%20OEMS/2011-05%20May_Revenue_Collections_Indicate_Big_Rainy_Day_Deposit_Likely.html[9/21/2012 10:06:48 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / May Revenue Collections Indicate Big Rainy Day Deposit Likely
News Release
PRESTON L. DOERFLINGER
Secretary of Finance and Revenue
OSF Director
MARY FALLIN
Governor
June 13, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
MAY REVENUE COLLECTIONS INDICATE BIG RAINY DAY DEPOSIT LIKELY
OKLAHOMA CITY — The depleted state Rainy Day Fund will be replenished with a deposit much higher than projected, based
on the pace of revenue collections as the 2011 fiscal year winds down, Office of State Finance Director Preston Doerflinger
announced Monday.
"General Revenue Fund collections for May show the state economy is still surging, dwarfing the national unemployment rate
and bringing in revenue well above the official estimate," Doerflinger said as he released the OSF’s monthly General Revenue
Fund report.
"We won’t know the figure until next month, but it's certain the Rainy Day Fund deposit will be substantially higher than the
$71.1 million forecast at the February meeting of the Board of Equalization," he said. "It could easily double that amount."
The fiscal year ends June 30 and the Rainy Day Fund deposit will be made in July. The state's savings account now contains
only $2.03 after having a record $596.6 million before the recession set in and the state experienced huge budget shortfalls.
A constitutional amendment adopted by voters in 2010 raised from 10 percent to 15 percent the cap on the amount of money
that can be in the Rainy Day Fund, based on the General Revenue Fund certification from the preceding fiscal year.
Gov. Mary Fallin hailed the latest revenue figures and the prospects for a hefty deposit into the Rainy Day Fund.
"A commitment to fiscal responsibility and pro-growth policies continues to help our economy recover and expand," Fallin said.
"It’s encouraging news that May revenues will be high enough for us to make a significant deposit into the Rainy Day Fund.
"However, more work needs to be done to create the very best business environment to foster creation of even more jobs and
investment in Oklahoma."
Led by strong income and sales tax figures, state revenue collections for the first 11 months of the fiscal year are outpacing
receipts of a year ago by almost 10 percent, according to the OSF report.
Total receipts for May were $414.7 million, which is $36 million or 9.5 percent more than was collected in May of 2010, and
$25.4 million or 6.5 percent more than the official estimate.
For the fiscal year to date, total GRF collections are $4.532 billion. That is $409.1 million or 9.9 percent above the prior year
and 3.5 percent higher than the estimate upon which the 2011 fiscal year budget was based.
"Income taxes were especially strong in last month, reflecting a decline in the state's unemployment rate in April to 5.6
percent, compared with the national rate of 9 percent," said Doerflinger, finance secretary in Gov. Mary Fallin's cabinet.
"It's evident that Oklahoma companies have stepped up hiring for months and this is helping our receipts in all areas," he said.
Oklahoma's coffers continue to get a bonus from strong oil prices, even though the OSF report for May shows total oil receipts
were down from a year ago. That’s because $21.4 million in surplus oil revenue was diverted by the Legislature this year to
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms